Gold Price Today: Gold Dips to $1,214.60 an Ounce as Dollar Spikes

An announced uptick in U.S. housing starts on Tuesday propelled the dollar up 1.1 percent against global currencies on Monday and pushed spot gold prices down 0.9 percent to $1,214.60 an ounce, according to Reuters. The decline broke a five-day rally for the metal.

“We’ve had a period of the dovish camp getting the upper-hand, which has triggered a fragile rally in gold,” said Macquarie analyst Matthew Turner. “And now we are seeing a bit of a push back with some better U.S. data.”

Gold futures slid to $1,208.80 an ounce, according to CNBC.